Vietnam earns 8.6 billion USD from processing for foreign firms

Illustrative image (Photo: kinhdoanh.vnexpress.net) Hanoi (VNA) – Vietnamese enterprises pocketed a total of 8.6 billion USD in 2016 from processing and assembling activities for foreign partners, according to the 2017 Economy Survey released recently. The survey revealed the garment-textile sector earned most with 4.1 billion USD; followed by footwear, 2.7 billion USD; phone assembly, 268 million USD; and electronics and computer assembly, 63 million USD. Total value of imported materials for processing and assembly reached 20.2 billion USD, accounting for 11.5 percent of the country’s accumulated import turnover. Export turnover of these products was 32.4 billion, making up 18 percent of the country’s total export value. Nguyen Bich Lam, head of the General Statistics Office (GSO), said foreign direct investment businesses contributed 25.6 billion USD to the sum, or 78.9 percent. Meanwhile, they imported 16.3 billion USD worth of materials for processing and assembly. Apart from processing and assembly fees, some groups like garment-textile and footwear also earned from providing materials for the process at home. Most processed products were shipped back to ordering countries or the third nations under requests of the ordering countries, the GSO said.-VNA